Garib Kalyan Yojna - Way to turn black money white | Fusion - WeRIndia

Previously, the government has given for black money hoarders to turn their money white.

Not many hoarders used this option to get their black money out.

After the demonetization, many of them have lost a lot of their money.

However, there is still a lot of black money that has been saved allegedly.

Modi on the other hand said that this move is only the beginning of the fight against black money.

So now, the government has once again given black money hoarders a chance to come clean.

President Pranab Mukherjee‘s assent to the Taxation Laws (Second Amendment) Bill 2016 has come into force.

As per this, there would be a penalty and surcharge of 50% on the amount deposited after demonetization.

Black money hoarders can use this option to deposit their money legally and lose only 50 percent of it. They can use the Pradhan Mantri Garib Kalyan Yojna (PMGKY) account from December 17 to March 31 to use this option.

The government also promised that all declaration made so will be kept confidential. People can also give information regarding black money.

As per this Act, there is a higher penalty for those found to be involved in conversion of black money into white. They will be penalized 85 percent. The money collected by the government via this Act will be used for welfare scheme according to Revenue Secretary Hasmukh Adhia.

He added that the government wants people to join PM Garib Kalyan Yojana so they can contribute to welfare of the people.

He promised that the declarations regarding this new black money disclosure will be kept confidential. He asked people to provide any information regarding conversion of black money into white.

He said that the government has no intention to have inspector-raj affect people, but all information about deposits of people is with the department. He also said that depositing black money won’t make it white unless tax is paid.

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